The company said the near-term rig count would increase gradually only when oil prices stabilise at $50 per barrel.
Nabors averaged 159.1 rigs in the second quarter, down from 187.9 rigs in the first quarter.
Nabors added that it expected near-term volume and pricing to decline when US term contracts expire and it adjusts to spot market prices.
The company also said it reduced debt by $87 million in the second quarter.
